经济观察网根据中证指数有限公司于1月6日公布的指数样本调整方案，深圳华大智造科技股份有限公司 (以下简称"华大智造"，股票代码：688114.SH)被调入中证A500指数。该调整将于2026年1月9日收市后 正式生效。作为聚焦全市场代表性上市公司的重要指数，中证A500以严格的标准筛选成份股，华大智 造本次入选，预计将为公司带来资金面与品牌力的双重提升。 作为新近发布的核心宽基指数，中证A500实现了基金规模的快速增长。待本次指数调整生效后，相关 指数基金将对华大智造进行配置，公司有望因此获得市场机构投资的长期资金支持。除资金面外，入选 中证A500成份股能继续放大上市公司在资本市场的品牌效应。 中证A500指数成份股筛选以"市值稳健+流动性充足+行业代表性强"为核心逻辑。从市值维度看，截至1 月7日上午收盘，公司总市值约284亿元，这一规模既体现经营稳定性，又保留足够的成长空间。流动性 方面，作为国产基因测序仪及生命科学行业的核心标的，华大智造股票保持了活跃交易态势，流动性良 好。从行业代表性来看，华大智造具备国内最全的测序仪产品矩阵，也是全球范围内唯一覆盖激发光、 自发光、不发光三种不同测序技术的公司，且 ...

Group 1: Shenzhen Venture Capital Landscape - Shenzhen has over 1,500 local venture capital firms with a management scale exceeding 1.5 trillion yuan and has nurtured over 1,000 listed companies [1] - The success of Shenzhen's venture capital industry is attributed to a unique combination of an encouraging innovation mindset and two supply chains: a robust product supply chain and a comprehensive financial support system [1][1] - The "accompanying philosophy" of Shenzhen's venture capital encourages innovation and supports companies through economic cycles [1] Group 2: Investment in Robotics and AI - Da Chen Capital has made multiple investments in Zhongqing Robotics, driven by a long-term belief in the embodied intelligence sector, with a target allocation of 30%-40% of their fund to AI-related industries [2][2] - Zhongqing Robotics' founder, Zhao Tongyang, has shown resilience through multiple failures, ultimately leading to the establishment of a successful robotics company [2][3] - The latest product from Zhongqing Robotics, the T800, has surpassed the physical capabilities of 90% of adult males, with plans for advanced functionalities in household tasks within six months [4] Group 3: Investment in Biotechnology - Zhenmai Biotechnology, known for its high-throughput sequencing instruments, faced skepticism but secured early investments that were crucial for its development [6][6] - The company has successfully navigated cash flow challenges and has seen significant growth, with a projected revenue of nearly 400 million yuan by 2025 [9] - The partnership between Zhenmai and Tongchuang Weiye exemplifies the importance of comprehensive support beyond just capital, emphasizing long-term investment in the medical sector [8] Group 4: Long-term Partnerships in Life Sciences - BGI Group, a leader in life sciences, has maintained a nearly 20-year partnership with Songhe Capital, which began with an unsuccessful project but evolved into a strong mutual trust [10][11] - The collaboration has led to significant advancements in the domestic gene technology sector, breaking the monopoly of international giants [11] - Both companies emphasize the importance of dual support and trust in fostering innovation within the life sciences industry [11]

记者丨 雷若馨 编辑丨孙超逸 "从0到1这个过程没有0.8、0.5，到不了1就是到不了1。"在21世纪经济报道记者专访时，真迈 生物董事长颜钦如此描述基因测序仪的研发。 在由深圳创投公会主办的深圳创投25周年大会上，真迈生物作为技术创新代表企业亮相。这家 2012年成立的深圳公司，挑战的是被誉为"生命科技光刻机"的基因测序仪——一个涉及20多门 学科的复杂交叉平台。公开信息显示，真迈生物实现核心原料100%自主研发和生产，跻身全 球仅三家能提供全通量测序仪的公司之列。 最初漫长的八年，真迈生物跋涉于一片"无人相信中国人能做成"的技术荒野。它的前行，借力 于一批早期资本的大胆信任；而当产品面临市场验证的生死考验时，又有耐心的资本注入关键 力量，助推其跨越低谷。 今年，真迈生物发布了全球最快的二代测序仪FASTASeq S。其中，其新一代测序化学技术 CMS"跨越山海"的测序均一性、准确度等关键指标大幅提升。 颜钦透露，目前公司营收每年平均增长80%～90%，今年营收接近4亿元，基本达到盈亏平 衡，自我造血。"预计明年应该有较好的利润，完全可以养活自己。"且未来几年的年均业绩增 速将保持在60%～80%。 （真迈 ...

摘要 ：如何用算法"压榨"昂贵硬件的极限潜能？ 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 图 1 ： 测 序 仪 内 部 结 构 图 ， A I 生成 图 4 ： 同 聚 物 区 域 背 景 噪 音 抑 制 热 图 在消费电子领域，"刷机"或"越狱"曾是极客们津津乐道的话题——通过替换厂商保守的固件，释放处理器被锁定的频率或解锁隐藏 功 能 。 本 文 试 图 借 助 这 种 逻 辑 渗 透 到 更 为 高 精 尖 的 生 物 技 术 领 域 ， 打 破 昂 贵 基 因 测 序 硬 件 的 " 黑 盒 " 限 制 。 传 统 的 测 序 仪 ， 无 论 是 I l lumina、MGI还是Ox ford Nanopore，通常都配套着闭源且高度标准化的分析软件。厂家为了兼顾全球数千台机器的稳定性与通 用性，其原生算法往往采取了保守策略，并非性能的最优解。这就产生了一个巨大的价值洼地： 我们是否可以用更深层的神经网络 （如 Trans former 架构）替代厂家的基础算法，去处理原始电信号，从而在不升级几百万硬件的前提下，仅凭软件升级 ...

绿色制造潜力股出炉 龙虎榜机构席位抢筹3只绿色制造潜力股。 绿色制造板块迎重磅利好 近日召开的国常会审议通过《制造业绿色低碳发展行动方案（2025—2027年）》。 会议指出，推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿色技术推广应用，强化 新型工业化绿色底色。要推进传统产业深度绿色转型，结合大规模设备更新等政策实施，积极应用先进 装备和工艺，加快重点行业绿色改造升级。要引领新兴产业高起点绿色发展，加大清洁能源、绿色产品 推广，提升资源循环利用水平。要加强共性技术攻关，完善重点领域标准，优化相关政策，健全绿色制 造和服务体系，更好支持和帮助企业转型升级。 业内人士表示，绿色是制造业高质量发展的底色，加快绿色化转型是提升制造业竞争力的必然途径。政 策驱动下，绿色制造板块有望获相关资金支持，进而推动技术升级与产业扩张，提升企业盈利与竞争 力，为投资者带来潜在投资机会。 数据显示，我国国家级绿色工厂2024年达到6430家，实现产值占制造业总产值比重约20%，较上年增加 2个百分点。 工信部等七部门联合印发的《关于加快推动制造业绿色化发展的指导意见》提出，到2030年，各级绿色 工厂产值占制造业总产 ...

Core Insights - The article discusses the application of AI technology in instrument development, focusing on structural design, tolerance analysis, and multi-physics coupling analysis, aiming to inspire industry users [2][3]. Group 1: Structural Mechanics Analysis - AI is transforming structural mechanics from "verification" to "generation" and "instant prediction," utilizing techniques like Physics-Informed Neural Networks (PINNs) and reduced-order models [7][34]. - Traditional Finite Element Analysis (FEA) is time-consuming, while AI can create a surrogate model to predict stress, strain, or displacement in milliseconds [9][10]. - The article presents a case study on generative design and topology optimization for sequencing instruments, emphasizing the importance of structural rigidity in optical components [10][12]. Group 2: Precision Tolerance Analysis - AI is used to handle complex nonlinear assembly relationships and establish feedback loops between manufacturing data and design tolerances, moving from "ideal distribution" to "real yield" [24][25]. - Key strategies include tolerance synthesis, sensitivity analysis, and visual-assisted GD&T, which leverage historical manufacturing data for more accurate tolerance allocation [25][27]. - A case study highlights the control of spacing between optical components in sequencing instruments, addressing the challenges of non-linear deformation during assembly [28][30]. Group 3: Multi-Physics Coupling - Multi-physics coupling, particularly opto-mechanical-thermal coupling, is identified as a challenging area where AI can provide significant value [34][36]. - AI applications include predicting thermal deformation in optical components and analyzing fluid-induced vibrations that may affect optical stability [38][41]. - The use of PINNs allows for the integration of physical laws into AI models, enhancing the accuracy of predictions even with limited simulation data [36][40]. Group 4: Implementation Roadmap - The article outlines a four-level roadmap for building AI capabilities in research and development, from data infrastructure to digital transformation [45]. - Each level focuses on specific goals, such as data cleaning, design assistance, surrogate modeling, and achieving active thermal compensation [45]. - The ultimate goal is to create a "virtual physicist" that enhances precision and efficiency in instrument development, moving beyond traditional engineering methods [46].

Core Viewpoint - China will suspend or revoke all retaliatory non-tariff measures against the United States starting from March 4, 2025, which may lead to the lifting of bans on U.S. instrument companies previously listed in the "Unreliable Entity List" and could present new business opportunities in China [1][7]. Group 1 - The U.S. White House officially released the text of the China-U.S. economic and trade relationship agreement on November 1, 2025, which includes measures such as tariff reductions, regulatory relaxations, and exemptions to maintain stable trade cooperation between the two countries [3]. - The document outlines that China will suspend or revoke all retaliatory non-tariff measures against the U.S. starting from March 4, 2025, including the listing of certain U.S. companies on the final user list and the Unreliable Entity List [7]. - The potential lifting of the ban on U.S. instrument companies could signify a turnaround in their business operations in China [7]. Group 2 - On October 9, the Ministry of Commerce announced the inclusion of foreign entities, including a U.S. instrument company, in the Unreliable Entity List due to violations of market trading principles and discriminatory practices [10]. - The U.S. company Illumina, Inc. was specifically cited for being placed on the Unreliable Entity List on February 4, 2025, and further prohibited from exporting gene sequencing instruments to China starting March 4, 2025 [15].

Core Viewpoint - Thermo Fisher Scientific announced the acquisition of Clario for $8.875 billion, aiming to enhance its position in the life sciences sector and provide comprehensive solutions from laboratory to clinical settings [2]. Group 1: Industry Acquisition Landscape - The global scientific instrument industry has seen a surge in mergers and acquisitions, with major players acquiring key technologies for market expansion [3]. - Notable acquisitions include: - AMETEK acquiring FARO Technologies for $920 million to enhance precision measurement products [3]. - BD acquiring Edward's critical care division for $4.2 billion to expand its medical monitoring product line [3]. - Thermo Fisher Scientific's acquisition of Clario for $8.875 billion to strengthen its digital clinical capabilities [4]. Group 2: Strategic Directions of Acquisitions - Companies are focusing on technology integration and innovation acceleration through mergers, creating a cycle of "technology acquisition - integration - innovation - market expansion" [5]. - The life sciences sector is projected to reach a market size of $85 billion by 2028, with increasing demand for products like gene sequencers and PCR instruments [6]. - Semiconductor technology is becoming a hot topic for acquisitions, driven by geopolitical factors and the recovery of the global semiconductor industry [6]. - Digitalization and AI integration are key trends, with smart laboratory management systems improving efficiency by over 30% [6]. - Vertical integration and ecosystem building are strategies employed by leading companies like Danaher and Thermo Fisher to enhance supply chain security and customer loyalty [6]. Group 3: Emerging Trends and Market Directions - The shift from single equipment sales to system solutions and the transition from traditional technologies to intelligent and interdisciplinary integration are evident in the industry [7]. - Chinese domestic instrument companies are increasingly engaging in overseas acquisitions, marking a shift from price competition to a "domestic substitution + overseas acquisition" strategy [8]. - The capital market activity in the scientific instrument sector indicates a thriving industry, with AI-driven automation and emerging technologies like quantum sensing and MEMS leading product transformation [9]. - Future hot areas in the scientific instrument industry include life sciences and healthcare, semiconductors and high-end manufacturing, and environmental sustainability [9].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the life sciences upstream sector [6]. Core Insights - The life sciences upstream sector is experiencing simultaneous domestic substitution and accelerated international expansion, with significant room for improvement in the localization rates of research reagents, consumables, and high-end scientific instruments [1][22]. - The demand side is improving due to favorable trends in innovative drug development and supportive national policies, with domestic innovative drug companies' overseas business development (BD) transactions expected to exceed $100 billion in 2025, nearly doubling from 2024 [2][25]. - The supply side is also gradually improving, with domestic life sciences companies achieving technological breakthroughs and expanding their business pipelines through both organic growth and acquisitions [2][29]. - Key companies are showing signs of performance improvement, with notable growth in revenue and net profit for firms like Baipusais and Aopumai [2][34]. Summary by Sections 1. Life Sciences Upstream Overview - The life sciences upstream includes research reagents, experimental consumables, instruments, and comprehensive services, playing a crucial role in various applications such as antibody drugs and gene therapy [9][10]. 1.1 Domestic Substitution and International Expansion - The localization rates for research reagents are around 10%, with high-end scientific instruments having an import rate of approximately 70.6% [22][23]. 1.2 Demand Side Improvement - The innovative drug sector is witnessing a recovery, with significant increases in overseas BD transactions, indicating a robust demand for life sciences products [25][27]. 1.3 Supply Side Enhancements - Domestic companies are making technological advancements, with key players like Aopumai and Baipusais expanding their product lines and market presence through acquisitions and internal development [29][30]. 1.4 Company Performance Trends - Companies such as Baipusais and Aopumai have reported substantial improvements in their financial performance, with Baipusais showing a 31% year-on-year revenue growth and Aopumai achieving a remarkable 402% increase in net profit [34]. 2. Recommended Stocks - Suggested stocks to watch include Baipusais, Aopumai, Aladdin, and others in the research reagent and scientific instrument sectors [2].

Core Insights - BGI Genomics reported a revenue of 1.869 billion yuan for the first nine months of the year, a slight decrease of 0.01% compared to the same period last year [1] - The company incurred a net loss of 120 million yuan for the first nine months, with a non-recurring net loss of 228 million yuan [1] - As of the end of Q3, the net cash flow from operating activities was -289 million yuan [1] Financial Performance - In Q3, BGI Genomics achieved a revenue of 755 million yuan, representing a year-on-year growth of 14.45% [1] - The net loss for Q3 was 16 million yuan, with a non-recurring net loss of 25.39 million yuan [1] - The latest gross margin was 53.32%, down 5.81 percentage points from the same period last year [1] - The latest debt-to-asset ratio was 23.69%, an increase of 4.06 percentage points compared to the same period last year [1] Research and Development - The company reduced its R&D expenditure to 447 million yuan in the first three quarters, a decrease of 24.25% year-on-year [1] - R&D spending accounted for 23.94% of total revenue, down 7.66 percentage points year-on-year [1] - BGI Genomics stated that it is focusing on cost reduction and efficiency improvement, leading to a decrease in R&D investment [1] Ownership Structure - As of September 30, 2025, major shareholders include Shenzhen BGI Technology Holdings Group Co., Ltd. with 36.73% ownership, and other investors with smaller stakes [2] - CPE Investment reduced its stake by 0.59 percentage points in Q3 2025 compared to the previous half-year report [2]